Insurance company, AXA has announced collaboration with cross – border, cross-currency money movement and payments, Western Union to provide inclusive insurance products to customers. By linking insurance to money transfer services, the two groups will help to better cover migrant workers and their families at home.
An initial pilot, called ‘Transfer Protect’, launched this week in France with AXA Partners, offers Western Union’s customers sending money via westernunion.com the option to seamlessly sign up for a life and disability insurance solution.
This will help provide peace of mind to the migrant population knowing that their designated family members or loved ones will receive a payment in case of an unfortunate life or disability event.
This announcement is in line with AXA’s ambition to significantly contribute to financial inclusion through its AXA Emerging Customers division. This business aims to serve low income to mass market populations by accelerating the development of adapted and relevant insurance and protection services.
For Western Union, this is a new step in their customer centric strategy to enrich the value it provides to customers by integrating adjacent financial services seamlessly through its global omni-channel platform.
President and Chief Executive Officer of Western Union, Hikmet Ersek said: “Our customers around the world trust Western Union with their most important and complex money transfers.
They also want other value-add services to sustain their financial well-being and long-term financial goals. Providing value to the global populations we serve is a key focus for our global strategy. This new partnership will provide a new way for us to facilitate value added products and services to the millions of immigrants and dual-citizens through westernunion.com” he added
Also, Chief Executive Officer of AXA, Thomas Buberl said: “AXA is committed towards providing inclusive insurance, a business with high social impact. We are excited to leverage Western Union’s extensive network and trusted brand to reach its global customer base, thereby bringing accessible, relevant and affordable protection to those who need it most” (VANGUARD)
Source: Inclusive News